<p>Tesla boss Elon Musk on Friday said that a global semiconductor shortage hitting car firms especially hard would be overcome soon.</p>.<p>The chip drought is "short term, I think," the billionaire said in an appearance by video at Italian Tech Week in Turin.</p>.<p>"There are a lot of chip fabrication plants that are being built," Musk told the audience of startups, investment funds and tech entrepreneurs.</p>.<p>"I think we will have good capacity for providing chips by next year. I certainly hope so, but it appears that way."</p>.<p><strong>Also Read | </strong><a href="https://www.deccanherald.com/business/economy-business/worldwide-semiconductor-market-to-grow-by-173-in-2021-idc-1033049.html" target="_blank"><strong>Worldwide semiconductor market to grow by 17.3% in 2021: IDC</strong></a></p>.<p>A boom in electric vehicle sales and renewed activity following the lifting of coronavirus restrictions in many advanced economies has boosted demand for car parts.</p>.<p>But the auto industry is butting up against other sectors that require large amounts of semiconductors as inputs, including computing, smartphones and smart devices.</p>.<p>Tesla has so far overcome the chip shortage by switching to different designs and rewriting the relevant software.</p>.<p>In the second quarter, the carmaker delivered a record number of vehicles and topped $1 billion of net profit for the first time.</p>.<p><strong>Check out latest DH videos here</strong></p>
<p>Tesla boss Elon Musk on Friday said that a global semiconductor shortage hitting car firms especially hard would be overcome soon.</p>.<p>The chip drought is "short term, I think," the billionaire said in an appearance by video at Italian Tech Week in Turin.</p>.<p>"There are a lot of chip fabrication plants that are being built," Musk told the audience of startups, investment funds and tech entrepreneurs.</p>.<p>"I think we will have good capacity for providing chips by next year. I certainly hope so, but it appears that way."</p>.<p><strong>Also Read | </strong><a href="https://www.deccanherald.com/business/economy-business/worldwide-semiconductor-market-to-grow-by-173-in-2021-idc-1033049.html" target="_blank"><strong>Worldwide semiconductor market to grow by 17.3% in 2021: IDC</strong></a></p>.<p>A boom in electric vehicle sales and renewed activity following the lifting of coronavirus restrictions in many advanced economies has boosted demand for car parts.</p>.<p>But the auto industry is butting up against other sectors that require large amounts of semiconductors as inputs, including computing, smartphones and smart devices.</p>.<p>Tesla has so far overcome the chip shortage by switching to different designs and rewriting the relevant software.</p>.<p>In the second quarter, the carmaker delivered a record number of vehicles and topped $1 billion of net profit for the first time.</p>.<p><strong>Check out latest DH videos here</strong></p>